Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 04/07/2010
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As indicated by A, the FBMACE had its intra-day low reaching 4130.11 points, but it managed to rebound before the closing bell, gaining 7.28 points or 0.2%. Despite the rebound, the downtrend for the FBMACE remains intact as it is still resisted by the 14, 21, 31 EMA dynamic resistance as well as the L1 line.

As indicated by B, the Stochastic also rebounded in line with the rebound of the FBMACE, it is breaking marginally above 30%. If the Stochastic should continue rising, it means the short term bearish signal has ended, but the technical outlook remains bearish biased.

As indicated by C, the MACD line is still falling while staying below the zero level. This suggests that the mid to long term movement of the FBMACE is still weak.

In conclusion, although the FBMACE managed to rebound on Monday, the technical outlook for the FBMACE remains on the negative side as long as the the FBMACE is still resisted by the 14, 21, 31 EMA and the L1 line. Next support for the FBMACE is at 4113 WinChart Automatic Fibonacci Retracement, followed by the 4000 psychological level.

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